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March 10 Market Close: GovCon Index Nosedives, Strong Dollar Drags US Markets


GovConIndexDOWNThe GovCon Index slid for a second consecutive day Tuesday to mirror similar losses of U.S. stocks with a decline of 1.888 percent to 67.675.

Orbital ATK (NYSE: ATK), AECOM Technology (NYSE: AEC) and Navistar (NYSE: NAV) were the only companies listed on the index to record gains.

A strengthening U.S. dollar against the euro and economic data that shows the jobless rate in the Federal Reserve’s range of what it deems as full national employment are driving investor speculation that an interest rate hike is near, according to Bloomberg.

The Dow Jones Industrial Average plunged 1.85 percent to 17, 662.94, the S&P 500 composite index declined 1.70 percent to 2, 044.17 and the NASDAQ composite index fell 1.67 percent to 4, 859.79.

Executive Mosaic‘s GovCon Index is a composite index that tracks 30 of the largest publicly-traded Government Contracting (GovCon) firms.

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